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Expect an Exhaust
Posted On Monday, July 20, 2009 at at 1:16 PM by Finance Fanatic
Well, it seems that the buying has passed through the weekend and continued onto this week. Nothing too significant hit headlines today, as we are at our "non-eventful" economic data week. Leading indicators were slightly better than analysts expected, however, that benchmark is about as reliable as the Los Angeles Clippers.
What worries me and keeps me from joining bulls at this point is my strong worry of no sustainability of this rally. The graphical movements of the index would suggest there is no support or foundation. The recent building up is with very minimal volume and almost no dips. In most cases, such movements would strongly suggest the need of a rather aggressive dip, even if markets were to continue to go up. I expect that dip to hit either tomorrow or Wednesday. One thing that may push it t0 Wednesday is Apple's earnings which many are awaiting. With their new release of the Iphone 3GS, I expect Apple to have some pretty good earnings. Also, watch out for their usual "low ball", next quarter predictions, as that has become their trademark.
this has been extremely painful for the bears. what do you make of the closing above 950.00?
Although 950 has been reached and closed above, it has got to stay above and on some decent volume for several days to achieve any real confirmation,which I doubt will happen..Don't be surpised to see 955-960 or a little higher, but with no volume to drive higher it may not be able to stay above. I am hoping will fall back thru which would attract some needed selling. Who knows though, maybe we'll just stay parabolic for ever. (LOL)
DJ
"In most cases, such movements would strongly suggest the need of a rather aggressive dip, even if markets were to continue to go up..."
I've been waiting for someone to say that. I'm cautiously optimistic. I met one guy who thinks that the market is going to just go straight back up.
Yes in theory, but in reality it doesn't work that way.
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